Market Overview:
Colonoscopy devices are used for the visualization of the inner lining of the large intestine or colon. These devices are inserted through the rectum and help detect various conditions such as colon polyps, colorectal cancer, and inflammatory bowel disease. Colonoscopy allows detecting, sampling and removing polyps or other abnormalities from colon.
The global Colonoscopy Devices Market is estimated to be valued at US$ 2,500.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the colonoscopy devices market is the rising preference for minimally invasive colonoscopy devices. Advancements in technology have led to the development of minimally invasive, pain-free colonoscopy procedures like virtual colonoscopy and capsule endoscopy. Virtual colonoscopy uses computed tomography images of the colon and rectum to detect polyps and other abnormalities. It does not require sedation. Similarly, capsule endoscopy involves ingesting a small camera capsule that transmits images of the intestine as it passes through the gastrointestinal tract. These new procedures are gaining popularity as they are less risky and painful compared to conventional colonoscopy. Their non-invasive nature is contributing to the growth of the overall colonoscopy devices market.
SWOT Analysis
Strength: Colonoscopy devices offer minimally invasive procedures for diagnosis and treatment of gastrointestinal conditions. Advanced colonoscopy devices provide high-definition imaging and allow targeted biopsies, ensuring accurate detection of pre-cancerous polyps and lesions.
Weakness: Colonoscopy procedures require trained physicians to operate complex endoscopy devices and interpret medical images. Shortage of skilled endoscopists impacts the procedure volume. High costs associated with colonoscopy devices limit their adoption in low and middle-income countries.
Opportunity: Rising incidence of colorectal cancer worldwide is driving the need for effective screening. Growing awareness about early detection of gastrointestinal diseases presents an opportunity for manufacturers to expand the consumer base. Technological advancements in artificial intelligence and robotics offer potential to develop autonomous colonoscopy devices.
Threats: Alternative non-invasive or less invasive screening techniques such as stool DNA testing and CT colonography pose competition. Stringent regulatory approvals and quality standards increase barriers to entry for new players. Economic slowdowns due to COVID-19 pandemic has decreased discretionary healthcare spending.
Key Takeaways
The Global Colonoscopy Devices Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing prevalence of colorectal cancer worldwide. As per World Cancer Research Fund, colorectal cancer is the third most commonly diagnosed cancer globally.
Regional analysis: North America dominates the global colonoscopy devices market owing to high acceptance of advanced medical technologies and favourable reimbursement coverage for colorectal cancer screening in the region. Asia Pacific exhibits high potential for market growth encouraged by improving healthcare infrastructure and rising medical tourism in countries such as India, China and Japan.
Key players operating in the Colonoscopy Devices are Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others. Sizeable investments in R&D of innovative colonoscope designs and visualisation technologies will help these players consolidate their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
